Modified Accelerated Cost Recovery Analysis on Properties?
My CPA was discussing some ways to accelerate cashflow on my properties and mentioned bifurcated deduction/depreciation on some of the improvements (e.g., carpet, appliances, blinds). However, she mentioned that for the deductions to "stand up in court", I'd have to have a study completed by an engineer as a qualified 3rd party. I would then need to supply my CPA with that report come tax time. She could not provide me with what type of engineer I needed nor refer me to any companies that do such studies. I'd appreciate any input you have. My questions are:
(1) Have you filed for bifurcated deductions?
(2) If so, how did you do it? Did you use a qualified 3rd party or do it on your own (using your own documentation/receipts)?
(3) If you used a 3rd party, could you please recommend them to me?
(3) Can you think of any other questions I need to be asking or anything else I need to know on the subject?